There's been a lot of hotel deals lately, but most of them seem to be very hit-and-miss whether you actually manage to book them or not.
This £30 room rate seems to be quite widely available for January, February and March 2009. The £30 seems to be for Sunday night stays and includes the usual Hoxton bag of breakfast.
I've stayed at the Hoxton a few times on their £1 deals, and it's great. Near Old Street tube station in London.